You are here

Garmin revenue rises 7% in third quarter

Published October 27, 2021

OLATHE, Kan. (BRAIN) — Garmin Ltd. revenue increased 7% year-over-year, aided by a slight jump in fitness sales driven by cycling and wearable products. However, it's the first earnings report since Q2 last year in which Garmin didn't record double-digit revenue growth.

Total revenue for the quarter ending Sept. 25 was $1.19 billion, rising from $1.11 billion. Fitness revenue, which includes cycling products, grew 4%, from $328 million to $342 million. Net income dropped from $313 million in Q3 last year to $259 million. Earnings per share also went down, from $1.64 to $1.35 during the same period.

Garmin announced during the quarter a collaboration with Dexcom, a developer, manufacturer, and distributor of glucose monitoring systems for diabetes management. Garmin will provide consumers who have Type 1 and Type 2 diabetes a way to quickly see glucose levels and trends with a compatible Garmin cycling computer or smartwatch.

"I am very pleased with our performance in the quarter as we are now comparing against the robust pandemic-driven growth from the prior year," said Cliff Pemble, Garmin president and CEO.

Based on the year's first three quarters, Garmin said it will update its full-year guidance, with anticipated revenue of about $4.95 billion and projected growth in all segments.

Garmin's corporate headquarters is in Olathe. Its stock is traded on the NASDAQ under the GRMN symbol. Stock quote at

Topics associated with this article: Earnings/Financial Reports

Join the Conversation